Colorado Legislative Council Staff
NO FISCAL IMPACT
Bill Status: Fiscal Analyst:
February 8, 1998
Will Meyer (866-4976)
TITLE: CONCERNING CONSUMER PROTECTION STANDARDS FOR THE ADMINISTRATION OF MOTOR VEHICLE INSURANCE CONTRACTS.
Summary of Assessment
The provisions of this bill would establish the “Consumer Protection Standards Act for the Administration of Motor Vehicle Insurance Contracts”. This bill would provide consumer protections to consumers of motor vehicle insurance similar to those consumer protections for managed care and other health benefit plans. This bill would become effective January 1, 1999 and would apply to all motor vehicle insurance plans that are issued, renewed, extended, or modified on or after that date.
The provisions of this bill would require motor vehicle insurers to make available a “Colorado Motor Vehicle Description Form” for each policy, contract, or plan sold in Colorado. The bill would require the Commissioner of Insurance to determine the style and substance of the form and design it to facilitate a comparison of various motor vehicle insurance plans. This would require the Commissioner to promulgate a new rule based on input from consumers, providers, and insurers. The implementation of the provisions of the bill would have a minimal impact on the workload of the division, and may require re-prioritizing existing workload. The provisions of the bill would not impact any other agency of the state, or unit of local government. Therefore, this bill is assessed as having no fiscal impact.